I have a question about the GL account classes loaded with OFBiz seed data:
DEBIT
|___> NON_POSTING
|
|___> DISTRIBUTION
| |___> RETURN_OF_CAPITAL
| |
| |___> DIVIDEND
|
|___> ASSET
| |_________> LONGTERM_ASSET
| | |____> ACCUM_DEPRECIATION
| | |
| | |____> ACCUM_AMORTIZATION
| |
| |_________> CURRENT_ASSET
| |____> CASH_EQUIVALENT
| |
| |____> INVENTORY_ASSET
|
|___> EXPENSE
|_________> CASH_EXPENSE
| |____> INTEREST_EXPENSE
| |
| |____> COGS_EXPENSE
| |
| |____> SGA_EXPENSE
|
|_________> NON_CASH_EXPENSE
|____> DEPRECIATION
|
|____> AMORTIZATION
|
|____> INVENTORY_ADJUST
CREDIT
|___> REVENUE
|
|___> INCOME
| |_______> CASH_INCOME
| |
| |_______> NON_CASH_INCOME
|
|___> EQUITY
| |_________> OWNERS_EQUITY
| |
| |_________> RETAINED_EARNINGS
|
|___> LIABILITY
|_________> CURRENT_LIABILITY
|
|_________> LONGTERM_LIABILITY
RESOURCE
As you can see ACCUM_DEPRECIATION and ACCUM_AMORTIZATION are in LONGTERM_ASSET
class, which is in turn in the ASSET class; and ASSET class is part of the
DEBIT class of accounts.
However our accountant mentioned that ACCUM_DEPRECIATION and ACCUM_AMORTIZATION
should carry CREDIT as opposed to DEBIT balances.
How should we represent this in seed data?
Kind regards,
Jacopo
